Thursday, 14 January 2016

OUGD502 Taking Care of Business - Funding Research (Study Task One)

After discussion, we have all decided that each member would put forward #1000 towards to business when the business would be starting up. We decided this as we thought it was a reasonable amount considering the fact that each member would be in debt due to being a student and living away from home as we each are, even though we all have jobs. We looked into business grants and decided we could probably apply for a business grant of up to #5000, and could also apply for a loan of up to #10000 for a business start up. This would leave us with #20,000, of which we should have enough to start up and run the business for at least a year without going into debt, as ideally we would only need around #12000-15000 to start the business. We decided we would need #20000 as we would like to have a safety blanket for the business incase it is slow in the first couple of months.

Izzie also contacted her old college which is closing down, in which they have a lot of screen printing equipment that they are not allowed to sell. Izzie contacted them in the hope that they would be able to donate, or at least discount the equipment to us, as there is a member in the group that is from the college. This would be really beneficial to our business as screen printing beds and equipment are really expensive, and it would take a huge chunk out of our money if we had to purchase them. Izzie has emailed the college, however they have yet to reply.

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